ADDIS ABABA – Zemen Bank, one of private commercial banks in Ethiopia, has today inaugurated its newly built Headquarters in the capital.
The Bank’s landmark 36-storey was officially opened for services by the Governor of the National Bank of Ethiopia, Mamo Mihretu, and executives of Zemen.
The headquarters is located at Ras Abebe Aregay Street of the financial district, also known as the ‘Wall Street of Addis Ababa’.
The construction of the building on 2,300 square meters of land took five years and 1.5 Billion Birr investment to complete.
The total cost is about 300 million birr more than the initial estimate. This is due to various factors that occurred during the construction period and some changes made to the design, its officials said.
Zemen Bank started its operation in October 2008 as a tech centered bank and currently has more than 80 branches across Ethiopia, representing 1% of the industry market share.
It is also one of the profit making private financial institutions, earning 2.2 billion Birr from its operations last year. Its total assets also grew by 39.6% reaching 35.1 billion Birr in the same period.